Implementing The Tax System Classification Rules - 1139 Words

On December 17, 1996, the Department of the Treasury (Treasury) finalized rules that were intended to simplify the tax entity classification rules. These rules have become known as the â€Å"check-the-box† regulations. Simply put, these regulations allow an eligible entity to â€Å"check a box† that indicates the desired tax treatment the entity wishes to have. These new regulations signify what was a much needed departure from the previous classification regulations, which were vague, ambiguous, and created many disputes between taxpayers and the Internal Revenue Service (IRS). This simplification of the entity classification rules would make it easier for such entities to gain their desired tax treatment, which allows those entities to focus†¦show more content†¦These new rules replace the Kintner test, which will be analyzed later in this paper. To fully understand the effects that CTB rules have on entities tax rates, it is important to understand the complexities of Regulation 301.7703. Explanation of Regulation 301.7703-3 As previously mentioned, any business entity that is not required to be treated as a corporation may choose its own classification. An entity may choose to have all of the beneficial characteristics as a corporation, but to avoid double taxation, they may choose to be taxed as a partnership. An entity with two or more members can be classified either as a partnership or as an association, which is taxed as a corporation. An entity with only one member has an option to be taxed as a corporation or can choose to be disregarded as an entity separate from its owner. That entity cannot choose partnership classification because a partnership, by definition, has two or more partners. A disregarded entity is a business entity with one owner that is not recognized for tax purposes as an entity separate from its owner. Therefore, the taxpayer is treated as a sole proprietorship and the individual must report all income and losses on their own tax return. Foreign business organizations are categorized by default classifications and must elect to be taxed differently on Form 8832, same as domestic entities. A foreign business entity where all owners have limited liability will be treated as a

The Cnn Effect An Exploration Of How The International...

THE ‘CNN EFFECT’: AN EXPLORATION OF HOW THE INTERNATIONAL MEDIA ‘DRAGGED’ AMERICA TO SOMALIA POST 1991 BACKGROUND Mass communication is the process which public messages are transmitted and are directed at large audiences with different values not found at a particular place but in different places. In the media arena globalisation refers to worldwide distribution of the same programme content and the distribution of special interest information that is aimed at a globally dispersed minority audience (Wall, 2009). The background of cable television is that its genesis was in the 1950’s whose aim was to bring conventional television signals to areas which were considered remote. With the growth of cable network and people having an opportunity to choose what they would like on their screens and receive a whole lot of new programming (Dominick, 2011). The television is one of the means that is widely used all over the world for people to find out the happenings of their surrounding and the world. The global reach of the television is undisputed. Whether there is control of the content being aired in the television or not its influence cannot be ignored. In today’s world the television disseminates all over the world issues affecting policy making, economics and culture which affects the social agenda of societies (Wall, 2009). Cable News Network which is popularly known as CNN came into being in 1980 in the United States of America. Its aim was to go liveShow MoreRelated Protecting Ourselves from Media Manipulation: The Use of Alternative Media as an Information Source5213 Words   |  21 PagesProtecting Ourselves from Media Manipulation: The Use of Alternative Media as an Information Source As far as one can recall the media has had a large influence over our perceptions of the world and the society in which we live. 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Effects Of Global Warming Essay Example For Students

Effects Of Global Warming Essay Global warming and the greenhouse effect are issues discussed by scientists all the time. A natural process that keeps earths temperature at a livable rate is called the greenhouse effect. The energy from the sun warms up the earth when the rays from the sun are absorbed by greenhouse gasses. The gasses then become trapped in the atmosphere. Carbon dioxide, water vapor, methane and nitrous oxide are the most common greenhouse gasses. Greenhouse gases cause the radiant heat of the sun to be trapped in the Earths lower atmosphere which causes global warming. If there werent any greenhouse gasses, the earth would be really cold due to very little sun rays being absorbed on the earth. Global warming can and will lead to several problems that affect the environment in which we humans live in. These problems can lead to warmer temperatures all around the world, it can endanger animals and the wildlife, and it can lead to widespread flooding from the glaciers melting. Here are a few more fu ture effects that I will discuss in more detail about. Damage to human health, Severe stress on forests, wetlands, and other natural habitats, how fish will be affected. Global warming is a serious problem that will affect our generation when we are older. In talking about global warming, we need to learn what causes the greenhouse effect. Rays from the sun are taken up and absorbed by water vapor that is natural in the atmosphere. The United States emits the largest manmade greenhouse gases in the world. As Americans we must realize the responsibility to reduce the emissions. (Gore, Albert)Water Vapor is eighty percent of greenhouse warming. The last twenty percent results from other gases that are in very little amounts. A huge absorber of the suns heat rays is carbon dioxide. Us as humans release a lot of carbon dioxide. When fossil fuels are burned, they release big amounts of carbon dioxide. Carbon dioxide is on the increase in our atmosphere due to car emissions. Approximately eighty percent of CO2 increases because of mans use of fossil fuels. When there is more carbon dioxide in our atmosphere the more sun rays are absorbed. In result to this happening this will cause the earth and the earths atmosphere to warm. When the earth is warming, water temperatures will start to get warmer. Oceans and lakes will get warmer in result from the carbon dioxide. When the oceans and lakes heat up, water is evaporated at a great rate causing more levels of carbon dioxide to be released in our atmosphere. Every time the temperature keeps rising, the more carbon dioxide will be released. When this process gets going, it is very hard to keep in control. Such a drastic increase in the rate of temperature increase is due to the industrial revolution. In the past 40 years, the world has seen a drastic increase in population and the use of fossil fuels (gasoline, oil, coal or natural gas). These fuels are used to run our cars, heat and cool our homes, manufacture goods in our factories and to ship goods for worldwide consumption. The focus, until lately, has been to produce maximum product at a minimum price to maximize profit. Little to no care was taken to minimize the amount of fossil fuels used in the production of goods. Recently, it has become evident that such practices lead to the production of greenhouse gases. Whenever fossil fuels are burned for energy, greenhouse gases, such as carbon dioxide builds up in the earths atmosphere (Union of Concerned Scientists). Another reason why greenhouse gases have increased is due to the decrease in the amount of plant life, commonly called deforestation. Plant life is the only thing known on earth to consume carbon dioxide. However, due to the need of raw materials (wood and paper pulp), industrial nations tend to cut down more trees than they can reforest (Fuller 454). Also, toxins produced as a by-product of industrialization have killed plant life. Therefore, a greater amount of carbon dioxide is being produced at the same time less carbon dioxide is being consumed, leading to dangerous consequences. The combination of pollutants and deforestation has lead to what is commonly called the Greenhouse Effect. The term Greenhouse Effect comes from the understanding that pollutants thickening the earths atmosphere keep heat trapped in the atmosphere. Thereby leading to an increase in the earths temperature, or Global Warming. Although, a increase of a few degrees over hundreds of years doesnt seem like much to some people, the variance is great enough to allow some deadly bacteria to thrive and disease to spread. Moreover, warmer temperatures can increase air and water pollution, which could harm human health. In the past few years, there has been an increasing amount of reports that correspond with these theories. Worldwide, there have been reports of cases indicating a spread of mosquito-born infectious disease, heat stroke and asthma / respiratory disease. It is believed that the 1#61616;F change in average global temperature has much to do with such harm to human health. For example, there are an increasing number of reports of mosquito-born, infectious disease in areas that have not been previously exposed. Such cases include a malaria outbreak in the summer of 1997 in the Kenyan highlands and a spread of dengue and yellow fever in the Andes Mountain of Colombia, previously limited to below 3,300 feet, is now seen as high as 5,600 feet (Union of Concerned Scientists). Many countries from Tanzania and Indonesia, to as close as Mexico, have also reported outbreaks of such infectious disease. The outbreaks are a result of an increase of temperature in areas which mosquitoes previously could not breed. The populations of these areas are also more susceptible to these diseases because the disease is foreign to their immune systems. A lack of natural enemies in such areas also allows the mosquito population to grow more quickly. The result in Kenya was the death of hundreds of people. The Dead Sea Scrolls (1545 words) EssayRodents also thrive in warm weather. In the case of unusually mild winter weather in Australia in